Analysts from UOB Group, Quek Ser Leang and Lee Sue Ann, anticipate the Australian Dollar (AUD) to potentially edge higher, with the 0.6755 level posing as a significant resistance point. Should AUD surpass this barrier, the analysts suggest a path towards 0.6800.
24-Hour View:
Following a recent surge to 0.6734, AUD’s momentum has tapered. Analysts predicted a sideways trading range of 0.6685 to 0.6735, which largely held with AUD trading between 0.6704 and 0.6732. Despite limited upward momentum, today’s outlook suggests AUD could inch higher, provided it maintains above 0.6690. However, resistance is firm at 0.6755.
1-3 Weeks View:
Consistency prevails in the analysts’ view, emphasizing a bullish stance if AUD manages to breach the pivotal 0.6755 resistance level. Such a breakthrough could propel AUD towards 0.6800. The support remains steadfast at 0.6665, reinforcing the potential for sustained AUD strength.
The Australian Dollar’s trajectory hinges on overcoming key resistance levels, framed by cautious optimism from UOB Group analysts amid ongoing market dynamics.
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